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Interest Rate Fears Hinder Market

Written By
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Steve Harmon
Steve Harmon
Feb 26, 1999

Fears about interest rate increases spark a selloff in the broad market early in the day, but it recovers somewhat in late-afternoon trading.

The ISDEX moves sideways as investors cherry picked the stocks worth owning (at least this week). Today’s snapshot:




























 
25-Feb-99
point change
% change

ISDEX
299.58
0.07
0.02%

NASDAQ
2,326.82
-12.56
-0.54%

DJIA
9,366.34
-33.33
-0.35%

  • Amazon.com (NASDAQ:AMZN) climbs 8% after it acquires a minority stake in Drugstore.com. Amazon.com holds 46% of Drugstore.com’s outstanding shares as of December 31, 1998. We reported this but here’s the new twist–the 8% pop today in AMZN shares adds more than $1.5 billion to AMZN market value.

    While we think the pharmaceutical market is big, delivering medicine looks like a riskier business than books. Books are good medicine too, but if medicine isn’t delivered on time, it’s a very different scenario than if the latest bestseller is a few days late in arriving.

  • Media Metrix, which leads the market in Internet audience measurement, files for IPO and wants to raise $48.3 million. It is another in the long line of offers that continue to flow, following behind theStreet.com and iVillage, who also filed recently. More on these Friday in my analysis of IPOs.
  • Earthlink (NASDAQ:ELNK) gets a “buy” recommendation from investment bank Ladenburg Thalmann.
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    Steve Harmon

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